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1987 (4) TMI 112 - AT - Income TaxExtract: .......articularly in view of the specific Explanation now added in the statute. We, therefore, hold that penalty under section 271(1)(c) should be imposed in this case on the basis of concealed income as found by us. The Income-tax Officer is directed to work out the quantum of penalty on the above basis. 15. In the result, the appeal is allowed in part.
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